alancleaver_2000/Flickr
This list intrigued me because I continually ask myself if I am spending and saving responsibly. If many of these behaviors ring true it is time to consider changing your ways. How many of these habits are you guilty of? See my answer below.
The following list comes from Billshrink, a site that compares plans for cell, cable, and other services to see if you are getting the lowest price.
1. You charge group dinners on your card and keep your friends’ cash to spend.
2. You spend more than 40% of your total income on rent.
3. You’re constantly transferring your balance to get 0% interest on your credit card debt. (more…)
Horia Varlan/Flickr
Is your utility bill too high? Now you can actually check how your rates compare using a tool on WhiteFence.com, a site similar to BillShrink.com in that it helps you find low-cost providers for household services like cable TV and cell phone service. WhiteFence paid for a sponsored post on BargainBabe.com two months ago, but it wasn’t until now that I realized the site has valuable pricing information that consumers can use to get a good deal.
Such as a comparison of average utility bills in 21 major cities. The most expensive cities and the corresponding average monthly electric bills are Baltimore ($132), Houston ($120), Orlando ($115), Minneapolis ($114), and Portland ($108). The least expensive cities are San Diego ($30), San Francisco ($36), Los Angeles ($36), Denver ($43), and Atlanta ($48). I live in Los Angeles and I can’t imagine paying $132 every month to turn the lights on!
You can also compare average monthly rates by state for cable TV, phone, natural gas, and high speed Internet by clicking on the “More Info for Services” tab. If you want to lower your electricity bill beyond getting a better rate, consider unplugging appliances. Not convinced your appliances cost much to run? Plug in numbers on your fridge and you may change your mind.
Data for the rankings comes from the hundreds of thousands of orders placed on WhiteFence’s websites for household services. WhiteFence used relationships with service providers to get utility prices. Read more about the survey’s methodology.
borman818/flickr
By Mike Barclay of 10CentsWorth.com
A lot of you may be surprised to know that I’m not the most financially savvy person. What might floor you even more is that I’m still learning. Here’s what I’ve learned and where I need your help. Deal?
Priorities and Will Power
If you were faced with the choice to pay rent or your cell phone bill, which would you choose? The logical choice should be rent, right? For a while, I would actually choose my cell phone. I figured it was okay to accrue late fees so I could text my friends. Well no more!
I have a file on my computer that sums up my bill priorities in the order they need to be taken care of and reminders on my calendar to check it periodically. Here are the top 5 things on my list as of right now:
1. Rent (I always make sure my rent is set aside. Being homeless = not a good idea.)
2. Court Fees (Speeding tickets people, speeding tickets. I’m no criminal.)
3. Cell Phone (For me, I need my phone on for potential employers, etc.)
4. Car Insurance
5. Credit Card Bills
I’ve conditioned myself to take care of the important priorities by having my friend reward or punish me with small things, like taking away my laptop for a couple of hours, or we’ll grab a bottle of wine as a reward. With proper budgeting I have enough to take care of everything.
Planning
I was an impulse buyer. I’d go grocery shopping with no list, a rough idea of what I needed, and a wad of cash. I’d walk into the market and out with a whole bunch of random food, inevitably forgetting an essential, like milk. I’d end up spending way over what I’d planned. Now, any time I go grocery shopping, I make a detailed list beforehand and, most importantly, I don’t deviate.
Banking Alerts
If my bank gave me the money they charge for over drafting, I’d be sitting on a beach somewhere drinking wine and doing nothing. I was horrible at looking at my account balance daily and making sure I had enough to spend. Thankfully, we now have modern technology. If you bank online, there’s a way to set up email and text alerts if your account drops below a certain amount. And (depending on the bank) you can even make it send you your balance text after every purchase. I don’t have an excuse to over-draft anymore.
Savings Accounts
My dad taught me the value of a savings account, I just never paid attention. “Have money, will spend” has always been my mentality. What I’m trying to do now is put away 10% of my check into a savings account and never look at it again. If I ever need car repairs or have an emergency, I’ll have money ready to go.
Some of these strategies I practice now. Others, I’m not fully on board with yet (e.g. putting money in a savings account). Do you have any advice to make it easier to manage my finances? What have you learned from your moments of weakness?
basykes/Flickr
Part of me relished my doctor’s prescription because if any prescription transfer coupons came up, I would be eligible. These offers – typically a $10 to $30 gift card to transfer a prescription to a new pharmacy – come and go through the year as mainstream pharmacies try to recruit new customers.
In the past when I’ve written about taking advantage of certain coupons, like opening a new bank account to get $100, readers have charged that fulfilling the deal was unethical. Here is why I think it is fair to use prescription transfer coupons (like I did last month to earn $25 at Walgreens).
- It is the business’ decision to offer the coupon
- I am fully eligible for earning the gift cards according to the terms the business sets
- For every person like me who is going to transfer a prescription for the gift card, there are many, many more who will sit tight
- The pharmacy is most likely making money off filling my prescription, even after the gift card, because of reimbursements from my health care provider
- The gift cards push me to test more than one pharmacy and eventually I will choose one
CarbonNYC/Flickr
It is legit to take advantage of prescription transfer coupons that mainstream pharmacies offer from time to time. Here are all the transfer coupons I found.
Rite Aid offers $25 gift cards for prescription transfers, up to two. Page three of yesterday’s flyer (in the April 25, 2010 newspaper) also had two $25 prescription transfer coupons.
Kmart offers $25 per transferred prescription up to $100 through May 22, 2010.
Walgreens issued a few prescription transfer coupons last month but I did not find any fersh ones.
Target occasionally issues $10 prescription transfer coupons in their weekly flyers.
CVS also issues prescription transfer coupons but I could not find any.
Do you have a link to a prescription transfer coupon?
brdwatchr1/Flickr
The federal government is padding appliance rebates for energy efficient dishwashers, refrigerators, and room A/C’s as part of the American Recovery and Reinvestment Act. Each state has their own program, rules, and rebate forms. In general you have to do three things to get a federal appliance rebate, which comes in addition to any state, retailer, or manufacturer rebates that may be available.
1. Buy an eligible appliance in a store during the eligible period. Online purchases are not valid.
2. Recycle your old appliance with a certified recycler.
3. Fill out and mail in the rebate form.
Start by finding your state’s appliance rebate program. In California, the appliance rebate program begins today with discounts from $50-$200 per appliance. It runs until May 23, 2010 but the rebate funds may run out before then so turn in your rebate form sooner rather than later.
Some interesting factoids about energy from the California rebate page:
- New Energy Star refrigerators cost as little as $48 to run a year. In the 1970s, the average refrigerator sucked up $259 in electricity every year.
- New fridges are a lot quieter and don’t create as much heat.
- Energy efficient washers spin clothes 2-3 times faster than older models, which means your dryer does not have to work as hard to dry the clothes!
- If your washer is more than 10 years old, you can save about $135 a year in energy costs.
- In the 1970s it cost about $195 to run your washer for a year. Today’s most energy efficient washers need only $47 in electricity.
If you have an older fridge, washer, or room A/C, check which rebates are available in your state and see how much you could save in electricity costs. You may well break even in just a year or two.
If a new appliance costs you $500, but you get $250 back in rebates and save $50 in energy per year, you will get your $250 investment back in five years.
(appliance cost – rebates) / yearly energy savings = years it will take you to break even
Thanks, Sarah!
I pay $4 a day for the privilege of receiving calls and working anywhere I want on my iPhone, which seemed like a decent tradeoff until I heard about no contract cell phone plans like those available at Pure TalkUSA. The network just launched an unlimited talk and text plan that is $48 a month. $48! That’s insane. And it includes taxes and fees.
What really sets Pure TalkUSA apart from the competition is its $10 a month Flex Plan that starts you with 101 minutes. Another $10 gets you 125 more minutes. Pay another $10 and you get 150 minutes, and so on. You can cap the total bill or let Pure TalkUSA add another $10 every time you use up your minutes. Get more info about Pure TalkUSA’s cheap cell phone plans. Remember, the plan prices already include taxes and fees.
Pure TalkUSA’s month-to-month plans come with a variety of handsets – from free handsets to others available for $11 to $65. You can also use your existing phone, as long as it is an unlocked GSM phone, and keep your current phone number for no extra charge. Pure TalkUSA will provide you with a FREE SIM card, which also comes with 150 minutes.
Pure TalkUSA is on the GSM network, same as AT&T and T-Mobile. Pure TalkUSA is a family-owned and operated business based in Georgia.
This is paid content. Want to take out an ad? Read my advertise page.
The next time you are in the market for a computer, camera, GPS, DVD player, or other electronic item, check out CheapStingyBargains.com. The site is a mondo deal aggregator that pulls the best prices from Amazon, Newegg, Best Buy, Lenovo, Dell, Sears, Walmart, Buy.com, Overstock, and TigerDirect.
After finding great deals, CheapStingyBargains.com combines them with an HP coupon code, Dell coupon code or another coupon code for the particular product you are looking for.
A few recent deals I found on CheapStingyBargains.com:
- $20 off $100 sitewide at HP with a stackable coupon code
- Dexter: The Complete Fourth Season Blu-Ray or DVD (2009) $46 Blu-Ray or $35 DVD w/ Free Shipping!
- A Swiss Legend 60002-02 Endeavor Collection Mens Watch $131 Shipped
- $259 off an Inspiron 15 Laptop with instant discount
- $408 off a Studio XPS 8100 Desktop with instant discount
- $302 off a Dell Vostro 220 Desktop w/ 21.5″ Monitor for only $429
CheapStingyBargains.com also has giveaways you can enter just by leaving a comment! The forums page is extremely active, with discussions on everything from iPad envy to hot deals and freebies. You can also go straight to their Coupons tab for coupons by retailer, listed alphabetically. With so many coupon codes and hot deals, it’s hard not to find what you are looking for at a great price on CheapStingyBargains.com.
This is paid content. Want to take out an ad? Read my advertise page.
Andres Rueda/Flickr
One reader responded to my credit card moratorium with a detailed blog post about the cash back rewards I am giving up. The info was so useful I wanted to share it. Here is Marie’s post:
“Different strokes for different folks,” goes the saying. And that applies most definitely to credit cards! Now, I can see the benefits of trying to rein in one’s spending by using cash only for discretionary purchases. If you leave your credit and debit cards at home and have only your available cash to use, you are obliged to be cautious about your spending.
But, when used for larger payments, credit cards that offer 1% to 5% cash back can be very rewarding. Here are some approximate bills you probably pay and how much you can earn with a 1% cash back credit card:
- DMV ($2.50 rewards for $250 DMV payments)
- Car Insurance ($10 rewards for $1000 payments)
- Home Insurance ($15 rewards for $1500 payments)
- Home Earthquake or Flood Insurance ($15 rewards for $1500 payments)
- Renters insurance ($2.50 for $250 payments)
- Car dealer down payment ($50 rewards for $5000 down payment)
NOTE: All these benefits can be nullified if you pay high interest rates. So use your Rewards card wisely. Make sure you budget to pay in full (or installments), just as you would do if sending the payment by check.
You can also earn cash back rewards on many regular monthly payments:
- Time Warner Cable fees (at $60/month payment, cash back of $7.20/year)
- Direct TV fees (at $60/month payment, cash back of $7.20/year)
- Cell phone bills (at $50/month, cash back of $6/year)
Some credit cards offer special quarterly 5% cash back offers for purchases made at specific types of stores, like grocery stores, drug stores, department stores, home improvement stores, and clothing stores. Three sites I like for these types of credit cards are CapitalOne, ChaseFreedom or Discover.com. Spend $200-$400 per quarter on these special offers and the 5% cash back rewards will earn you $40-$80. You can also search for Visa and Mastercard reward cards at CardRatings.com.
David Berkoqitz/Flickr
I try to be open minded about how people spend their money. It’s not mine, after all. But after reading a story in yesterday’s newspaper about Panasonic and Samsung to begin selling 3D TVs this week, I am so $(#*@! frustrated.
Why does anyone need to watch TV in 3D?
It costs $500 more than a comparable set. There’s almost nothing to watch in 3D right now. (Sports will be some of the first 3D programming.) And you have to wear bulky glasses that require batteries. Batteries! If you don’t have on the special glasses, everything looks fuzzy.
America, this is not what you need to be spending your money on right now. How about paying off credit card debt? Or even – gasp – contributing to your 401k?
I’ve seen movies in 3D and it’s awesome. But I’m content to experience 3D at the movie theater. Not that I am the target consumer for 3D TVs. I watch about 17 minutes of TV a week and see roughly four movies a year. But even if you are a huge TV and movie buff, is having a 3D TV really going to improve your life? Make you happy? Dissolve all your woes?
No.
Regular TV is good enough for me. Who’s with me?
Just got some interesting economic factoids from the website BillShrink.com. Are you part of the savings trend?
- 46% of credit card holders paid their bill in full each month in Feb. 2009
- 59% of credit card holders paid their bill in full each month in Feb. 2010
- The average American family had $2,000 in unexpected expenses last year
- Americans have reduced their debt by $101.2 billion in the past 14 months ($1,874 per household)
- We are currently saving at record rates, setting a 15-year high (Check out BillShrink’s super cool graphic about American’s personal savings and debt, which goes back to 1960).
- We still over pay for lots of stuff, including ATM fees, credit card late fees, and dealership auto maintenance (though I’m seeing coupons from dealers these days)
To get this data BillShrink surveyed 154,000 users on its site from February 2009-January 2010. The pay off rate has been steadily increasing each month, according to the responses below.
Yes, I pay off balance each month No, I don’t pay off balance each month
02-09 46.03% 53.97%
03-09 45.92% 54.08%
04-09 41.75% 58.25%
05-09 43.19% 56.81%
06-09 46.28% 53.72%
07-09 46.92% 53.08%
08-09 48.72% 51.28%
09-09 51.21% 48.79%
10-09 51.99% 48.01%
11-09 54.73% 45.27%
12-09 57.25% 42.75%
01-10 58.63% 41.37%
I’m curious how BargainBabe.com readers compare to the national average.
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KrissZPhotography/Flickr
This is a guest post from Margarette Burnette at CouponsAndKids.com.
We could all use a jump-start in our savings for the new decade. If you’re looking for new ways to plump up your nest egg, try these ten ideas for 2010.
1. To get winter savings, call your heating provider and ask for a lower rate. According to the U.S. Energy Information Administration, the average cost of space-heating fuels this winter is expected to decrease by about $84 . If you’re on a fixed rate heating plan—where unit rates won’t decrease at all–call your utility company and ask if it makes sense to go to a variable (or lower fixed) rate plan. Potential 2010 Savings: $84.
2. For summertime savings, call your electric company and enroll in a load management program. You could get a discount if you agree to cut your energy usage during peak periods (when air conditioners are typically going full-speed). In the mid-west, customers who opt for Duke Energy’s Power Manager Program receive a one-time credit of at least $25 just for signing up. Potential 2010 Savings: $25 or more.
3. Adopt a “round up” or “round down” spare change savings plan. Whenever you spend money, round up the total and put the difference between the actual price and the round number in your savings account. If you round up only $5 a week, that’s a 2010 savings of $260.
4. Come in under-budget at the grocery store. Every week, write out your grocery list and try to figure out how much your bill will be. Then, bring the right amount of cash for those purchases. If you come in “under budget”, deposit the difference at the bank (some supermarkets have banks or ATMs on the premises). By making $10 under budget each week, you could deposit 2010 savings of $520.
5. When shopping online, use rebate web sites. Companies such as Upromise.com give a rebate of 1% to 25% of purchases spent through their site, which can go towards a child’s college fund. If you make $4,500 in online purchases over the course of the year, and receive an average a rebate of 5%, that’s a potential 2010 savings of $225.
6. Call your car insurance company and ask for a low-mileage discount. If you commute fewer than 10,000 miles per year (for example, you work from home or recently lost your job), car insurance companies may give you a rate discount of up to ten percent. If your premium is usually $1,750 a year, that’s a potential 2010 savings of $175. (And even if you don’t have a short commute, shop around for new insurance at least once during the year. You may find a lower rate with another insurer).
7. Find a credit card with lower interest rates. Though new credit card rules don’t take effect until February, you may be able to find a lower rate today by comparing credit card companies. One free site, Billshrink.com, will let you anonymously input information about your credit card usage. It will then instantly make recommendations about which cards can save you money. If you have a $7,000 balance and can lower your interest rate by 4.5%, that’s a 2010 savings of $315.
8. Find a better cell-phone plan. Billshrink also lets you compare your cell-phone company against their competitors to find a better deal. The average person spends $63 a month for cell phone use, so if you find a plan that fits your needs for 30% less, your 2010 savings could be $225.
9. Seal your heating ducts. According to the Energy Star web site, doing so can prevent the “open window” cold air effect in the winter and save about $190, or twenty percent of the average heating bill. Potential 2010 Savings: $190
So far, you have a potential savings of more than $2,000. But don’t blow all your money before the end of the year. Instead:
10. Invest in a high yield savings account. Many online and traditional financial institutions offer FDIC-insured savings products that can help you earn more on what you save. This Bargain Babe post has information on how to find a better bank to save money. When you do that, it will be a great way to start the New Year.
Victor Bezrukov/Flickr
I went over my cell phone minutes the past two months and the overage charges bothered me so much they seeped into my sleep. Two nights ago I dreamed that I called AT&T and asked them to bump me up to a more expensive plan and forgive my overages.
And they did!
I woke up refreshed and wondering if I had actually called AT&T. Turns out the dream – and the overage forgiveness – was just that.
Drat.
I decided to call and ask if my new plan was pro-rated, giving me a few more minutes until the beginning of the month when my plan resets. While on the phone with a nice gentleman named Rham I asked if it was possible to forgive my overage charges this month, seeing how I was a loyal AT&T customer who always paid my bill on time.
“Let me see what I can do. Please hold.”
Rham came back on the line. He couldn’t immediately credit my account for the overages but put in an “adjustment request.” I would get a call early January with the adjustment amount. The last time this happened I received an adjustment (read: credit) for $1,214.65 so I expect full or partial credit this time.
“Is there anything else I can help you with?”
“Well, yes. I also went over my texting plan this month. I’d like to bump up to the next texting plan, and, if I do, is it possible to forgive my overage charges for extra texts in December?”
Rham asked me to hold.
Unlike my minutes overages, Rham was able to immediately credit me $20-some dollars for my overage texts. (At $.10 a pop they add up slowly, but apparently I texted like a teenager in December!) And he pro-rated my new texting plan so I don’t have to worry about texting the rest of the month.
“Thank you for the excellent customer service you have provided me with today,” I told Rham before hanging up.
“You’re very welcome.”
I see the call as a win-win for AT&T and myself.
AT&T keeps a longtime customer happy (so much so that I’m blabbing about it to everyone) and they make more money off me to the tune of $30 extra a month. I save money (at $.45/minute extra paying up front is the cheaper route) and I am more loyal to them because of the consideration they showed me.
Proof dreams come true!
Related: My bra dream: proof I need to spend
For existing Bank of America customers only!
B of A wants you to pay your bills online, badly. To get you to try out their online bill pay service, they are offering $35 if you sign in to online banking and pay three bills online within 30 days. If you pay two, you get $25.
I am a big fan of paying bills online, even though I don’t bank with B of A. I can quickly check my statement, make sure the charges are accurate, and pay with a click. Plus, I save $5 a year on stamps for every bill I pay online.
Caveats: only people who have not used B of A’s online bill pay in the past six months are eligible. They pay the bonus in about 90 days via direct deposit or mailed check. May not be available in Washington or Idaho.
Thanks Janean!
How would you describe your relationship with your money? I fight with mine, but he never seems to agree with me. Then I ignore him until we both simmer down. Not very healthy. I recently talked to Morgana Rae, a money coach who writes Abundance and Prosperity, about how to turn my money monster into a money honey.
What is your money philosophy?
The underpinning of what I teach is that we all have these subconscious relationships with money as if money were a person. We are human beings so we relate to everything as if it was a human being. Our dogs, our cats, our boats, our cars, our money.
The money we have is very judgmental, sort of a tease and then it leaves us high and dry. It’s as if it’s our fault. The formula for especially women is you have to work so hard for so much and you have to do all the work in the relationship and he’s going to leave you anyway.
No you can’t have this, you can’t have that. It’s like being on a diet. So money becomes this punisher or critic who stresses people out with health care bills and mortgages. If you can change money from this nasty, critical monster who keeps making you work hard for not enough and trade him in for this handsome, romantic, sexy lover who wants to stay with you, you’re going to treat money a little differently.
If you asked your money what he wants he’ll say really nice things. It’s okay to spend money if it’s worth it.
How do we know our money will answer with responsible answers, like you have suggested?
There has to be a level of personal responsibility. There has to be a reality check. There has to be some inner resonance.
What do you mean?
It has to feel true. It really hinges on it being a relationship with another human being. He (money) is not a prince who comes to rescue you. Because then you are the victim.
How can people create a healthy relationship with their money?
I would start by examining all the negative things you’ve heard or seen with money. Find the negative thoughts and turn them into a real bad ass monster that is so intolerable you just want to get rid of him. Then you imagine who would you love so much. This relationship is not based on what he can buy you but on how good a relationship partner you can be to him.
Money likes to be responded to and loved and paid attention to. When money represents all of your failures, your irresponsibility, your guilt for buying that stuff, divorces and breakups and betrayals, people go unconscious. They don’t want to see it. They don’t want to deal with it.
They are running away from their relationship. They are scared of it. The people who most need to pay attention to their money are doing it the least and it’s self fulfilling because the money gets scarier and scarier.
How should we pay attention to our money?
Look at your bank account every week. Write down everything you purchase. There is a consciousness and awareness and decision making that changes you from blithely buying the junk purchases to buying very special nice things with consciousness, awareness, and gratitude that makes you feel good about yourself.
What steps can I take to improve my relationship with my money?
1. Examine your relationship with money. Money is a stand in for everything else. Our choices, our worthiness, our freedom. What are all the things you’ve seen, heard or experienced around money?
2. Make money the bad guy. Get rid of the dynamic of unworthiness and foolishness. You make it so real that you could taste this guy. He makes your skin crawl.
3. Get rid of him.
4. Invent your money honey. You take on the role of the great relationship partner. What do you need from me so you can stay with me?
5. Ask your money what it wants. What do you think of how I am spending you? Do you want this? Do you want me to do that?
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